Northrop Grumman (NYSE: NOC ) shares have increased by about 20% since my last article , but I maintain a Buy rating - the growth potential still exceeds the risks. The current $576 per share does notHi there! I’m Narek, and I’ve been in the investment world for over six years. I started out as an equity analyst at European banks, digging into reports and learning how to spot value in the markets. I’ve worked across sectors — from telecom to industry — and found that behind every financial statement is a re ...

First Commonwealth Financial (FCF) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and follow ...

Pacer ETFs recently launched two new exchange-traded funds (ETFs) that are deemed to offer quality exposure. These two ETFs are Pacer S&P MidCap 400 Quality FCF Aristocrats ETF (MCOW) and Pacer S&P SmallCap 600 Quality FCF Aristocrats Strategy (SCOW) .MCOW in FocusThe fund looks to provide capital appreciation over time by screening the S&P MidCap 400 for companies with at least seven successive years of positive free cash flow (per the issuer) and the highest free cash flow (FCF) quality score. The 81-stoc ...

Group 1 - The article promotes a free two-week trial for the investment group Distressed Value Investing, which offers exclusive research on various companies and investment opportunities [1] - The author, Aaron Chow, has over 15 years of analytical experience and co-founded a mobile gaming company that was acquired by PENN Entertainment, indicating a strong background in the gaming and entertainment sectors [2] - Distressed Value Investing focuses on value opportunities and distressed plays, particularly in the energy sector, highlighting a specific investment strategy [2] Group 2 - The article emphasizes that past performance is not indicative of future results, which is a common disclaimer in investment communications [3] - It clarifies that no specific investment recommendations are being made, and the views expressed may not represent the entire platform's opinions [3] - The article notes that the analysts contributing to the platform may not be licensed or certified, which is important for understanding the credibility of the analysis provided [3]

Core Insights - Pan American Silver Corp. (PAAS) achieved a record free cash flow of $233 million in Q2 2025, a 128% increase year-over-year, and ended the quarter with a cash balance of $1.1 billion, indicating strong financial health [1][7] - The company returned approximately $103.5 million to shareholders through share repurchases in H1 2025 and announced a 20% increase in its quarterly dividend to $0.12 per share [2] - PAAS plans to invest $500 million of its cash reserves to acquire MAG Silver Corp, which holds a 44% stake in the Juanicipio project, expected to boost PAAS' silver production by 35% annually and reduce all-in sustaining costs [3][7] Financial Performance - Year-to-date, PAAS shares have increased by 57%, outperforming the industry growth of 51%, while the Basic Materials sector rose by 9% and the S&P 500 by 2.9% [5] - The consensus estimate for PAAS earnings in 2025 is $1.98 per share, reflecting a 150.6% year-over-year increase, with a 2026 estimate of $2.38, indicating a 20.2% rise [8] Valuation Metrics - PAAS is currently trading at a forward 12-month price-to-earnings multiple of 14.24X, below the industry average of 17.34X [7]

Group 1 - The article promotes a free two-week trial for the investment group Distressed Value Investing, which offers exclusive research on various companies and investment opportunities [1] - The investment group focuses on value opportunities and distressed plays, particularly in the energy sector [2] - The author, Aaron Chow, has over 15 years of analytical experience and previously co-founded a mobile gaming company that was acquired by PENN Entertainment [2] Group 2 - The article emphasizes that past performance is not indicative of future results and does not provide specific investment recommendations [3] - It clarifies that the analysts contributing to the platform may not be licensed or certified by any regulatory body [3]

Company Overview - Occidental Petroleum is a $43 billion upstream-focused oil producer that has underperformed in a weaker oil environment, remaining well below Berkshire Hathaway's purchase price [2]. Investment Strategy - The Value Portfolio specializes in building retirement portfolios using a fact-based research strategy, which includes extensive readings of 10Ks, analyst commentary, market reports, and investor presentations [2]. - The portfolio aims to maximize returns by searching the entire market for actionable ideas and high-yield safe retirement portfolios [1]. Analyst Position - The analyst has a beneficial long position in the shares of Occidental Petroleum, either through stock ownership, options, or other derivatives [3].

[PART I. Financial Information](index=2&type=section&id=PART%20I.%20Financial%20Information) [Financial Statements and Supplementary Data](index=3&type=section&id=ITEM%201.%20Financial%20Statements%20and%20Supplementary%20Data) Presents unaudited consolidated financial statements, including balance sheet, income, cash flows, and detailed notes on key policies [Consolidated Statements of Financial Condition](index=3&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) Total assets grew to **$12.24 billion** by June 30, 2025, driven by net loans, with liabilities and equity also increasing Consolidated Balance Sheet Highlights (Unaudited) | Metric | June 30, 2025 ($ thousands) | December 31, 2024 ($ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Assets** | **12,237,147** | **11,584,936** | **+5.6%** | | Net Loans and Leases | 9,437,849 | 8,864,848 | +6.5% | | Goodwill | 378,654 | 363,715 | +4.1% | | **Total Liabilities** | **10,719,380** | **10,179,771** | **+5.3%** | | Total Deposits | 10,104,582 | 9,678,019 | +4.4% | | **Total Shareholders' Equity** | **1,517,767** | **1,405,165** | **+8.0%** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Net income for H1 2025 decreased to **$66.1 million** due to higher noninterest expenses and increased credit loss provisions Income Statement Summary (Unaudited, Six Months Ended June 30) | Metric | 2025 ($ thousands) | 2024 ($ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net Interest Income | 201,763 | 187,296 | +7.7% | | Provision for credit losses | 18,393 | 12,065 | +52.5% | | Total noninterest income | 47,251 | 49,198 | -3.9% | | Total noninterest expense | 147,518 | 131,371 | +12.3% | | **Net Income** | **66,098** | **74,637** | **-11.4%** | Per Share Data (Unaudited, Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Diluted Earnings per Share | $0.64 | $0.73 | | Cash Dividends Declared per Common Share | $0.265 | $0.255 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating activities provided **$86.3 million** cash, investing used **$300.9 million**, and financing provided **$241.4 million**, resulting in a **$26.8 million** cash increase Cash Flow Summary (Unaudited, Six Months Ended June 30) | Activity | 2025 ($ thousands) | 2024 ($ thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | 86,291 | 62,338 | | Net cash used in investing activities | (300,934) | (98,860) | | Net cash provided by financing activities | 241,400 | 77,822 | | **Net increase in cash and cash equivalents** | **26,757** | **41,300** | [Notes to the Unaudited Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Unaudited%20Consolidated%20Financial%20Statements) Detailed notes explain financial statements, highlighting the **$46.2 million** CenterGroup acquisition, **$14.9 million** goodwill, and loan portfolio growth - On April 30, 2025, the Company completed its acquisition of CenterGroup Financial, Inc. for total consideration of **$46.2 million**, paid via 3,016,009 shares of common stock. The acquisition added three full-service banking offices in the Cincinnati, Ohio market[17](index=17&type=chunk)[18](index=18&type=chunk) - The CenterGroup acquisition resulted in the recording of **$14.9 million** in goodwill, which is not amortizable or tax-deductible. Acquisition-related costs of **$4.1 million** were expensed as incurred[18](index=18&type=chunk)[33](index=33&type=chunk) - A day 1 allowance for credit losses of **$3.4 million** for non-PCD loans and **$0.4 million** for off-balance sheet commitments was recorded through the provision for credit losses related to the Center acquisition[25](index=25&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=61&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 and H1 2025 financial results, noting decreased net income from merger costs and credit loss provisions, offset by net interest income growth - For the six months ended June 30, 2025, net income was **$66.1 million** (**$0.64/share**), down from **$74.6 million** (**$0.73/share**) in the prior year, primarily due to a **$16.1 million** increase in noninterest expense, including **$4.0 million** in merger costs[216](index=216&type=chunk) - Net interest margin on a fully taxable equivalent basis improved to **3.73%** for H1 2025, up from **3.55%** in H1 2024, due to lower cost of interest-bearing liabilities and higher yield on interest-earning assets[220](index=220&type=chunk) - Card-related interchange income for H1 2025 decreased by **$6.2 million** (**45%**) compared to the prior year, a direct result of the company becoming subject to the Durbin Amendment on July 1, 2024[238](index=238&type=chunk) - Nonperforming loans increased to **$99.5 million** (**1.04%** of total loans) at June 30, 2025, up from **$61.5 million** (**0.68%** of total loans) at year-end 2024, primarily due to a single **$31.9 million** dealer floor plan relationship[302](index=302&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=89&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section incorporates market risk disclosures by reference from the 'Market Risk' caption in Item 2 (MD&A) - The report refers to the 'Market Risk' section within Item 2 (MD&A) for quantitative and qualitative disclosures about market risk[332](index=332&type=chunk) [Controls and Procedures](index=89&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management, including CEO and CFO, concluded that disclosure controls and procedures were effective as of June 30, 2025 - The **CEO and CFO** concluded that the company's disclosure controls and procedures were **effective** as of the end of the reporting period[334](index=334&type=chunk) [PART II. Other Information](index=90&type=section&id=PART%20II.%20Other%20Information) [Legal Proceedings](index=90&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is subject to various legal proceedings, with estimated possible losses between **$0** and **$1 million** beyond recorded liabilities - Information regarding legal proceedings is incorporated by reference from Note 6 of the financial statements[336](index=336&type=chunk) - Management estimates the range of reasonably possible aggregate losses beyond any recorded liability for pending litigation is between **$0** and **$1 million**[45](index=45&type=chunk) [Risk Factors](index=90&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to risk factors were reported since the Annual Report on Form 10-K for the year ended December 31, 2024 - **No material changes** to risk factors were reported since the last Annual Report on Form 10-K[337](index=337&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=90&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q2 2025, the company repurchased **32,844** common shares at an average price of **$15.47** under its share repurchase program Share Repurchases in Q2 2025 | Month Ending | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 30, 2025 | — | — | | May 31, 2025 | — | — | | June 30, 2025 | 32,844 | $15.47 | [Other Information](index=90&type=section&id=ITEM%205.%20Other%20Information) The company entered a Rule 10b5-1 Issuer Repurchase Plan on June 18, 2025, to facilitate stock buybacks - On June 18, 2025, the Corporation entered into a **Rule 10b5-1 Issuer Repurchase Plan** to repurchase its common stock[339](index=339&type=chunk) [Exhibits](index=91&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including CEO/CFO certifications and XBRL-formatted financial statements - Exhibits filed include **CEO/CFO certifications** (31.1, 31.2, 32.1, 32.2) and **XBRL data files** (101)[340](index=340&type=chunk)

Group 1 - The largest contributor during the quarter was Gannett (GCI), which increased by 24%, recovering part of its first quarter drawdown [2] - Gannett is considered significantly mispriced in the market [2]

Core Insights - Kinross Gold Corporation (KGC) achieved record free cash flow of $646.6 million in Q2, driven by strong gold prices and operational performance, marking an 87% year-over-year increase and a 74% rise from the previous quarter [1][7] - The company's free cash flow for the first half of 2025 surpassed $1 billion [1] Financial Performance - Record operating margins, supported by effective cost management, healthy production levels, and higher gold prices, contributed to the robust free cash flow generation in Q2 [2] - The Paracatu and Tasiast mines were significant contributors, accounting for over half of KGC's production and cash flow in the quarter [2][7] Strategic Development - KGC's strong free cash flow enables financing for development projects, debt reduction, and enhancement of shareholder value [3] - Key development projects include Great Bear in Ontario and Round Mountain Phase X in Nevada, which are expected to increase production and cash flow, delivering substantial value [3] Industry Comparison - Among peers, Agnico Eagle Mines Limited (AEM) reported a Q2 free cash flow of $1,305 million, more than doubling the previous year's figure [4] - Newmont Corporation (NEM) also recorded a significant free cash flow of $1.7 billion in Q2, nearly tripling year-over-year [5] Market Performance - KGC's shares have increased by 86.2% year-to-date, outperforming the Zacks Mining – Gold industry's rise of 55.6%, primarily due to the rally in gold prices [6] Earnings Estimates - The Zacks Consensus Estimate for KGC's earnings in 2025 and 2026 indicates a year-over-year increase of 100% and 3.7%, respectively, with EPS estimates trending higher over the past 60 days [9] Valuation Metrics - KGC is currently trading at a forward 12-month earnings multiple of 12.43, which is a modest 1.4% premium to the industry average of 12.26 [10]